The struggling conglomerate plans to restate the last two years of results, it said in a filing on Friday night.

GE said the restated results will slash its 2016 profits by about 13 cents per share and last year's profits by approximately 16 cents per share.

The move comes as GE adopts a new accounting standard that changes the way companies are allowed to measure the timing and impact of long-term contracts with customers. GE, which makes everything from jet engines to power plants, earns a lot of money on service contracts with clients.

Last month, when GE disclosed that the SEC has been investigating the company, it said it planned to restate two years of earnings.

Friday's filing details how in late November the staff of the Boston SEC office notified the company of an investigation into its revenue recognition practices and internal controls over long-term service agreements.